The leaders said nothing after the short session, and there was no word on whether some key issues had been resolved, including major questions surrounding the euro zone bailout fund, which is known as the EFSF.

Italy plays an increasingly important role in all this, and is under pressure to bring in reforms such as changing the pension system, given the attempts to stop the debt crisis from spreading and the plans to beef up the euro zone bailout fund, which is known as the EFSF.

Willem Buiter, the Citigroup economist and founder member of the Bank of England's monetary policy committee, reckons at least €2.5tn is needed if the EFSF is to be a credible weapon to defend the euro.